IAB Europe on Tuesday released its 2013 AdEx Benchmark report, which says the online ad market grew 11.9% year-over-year to €27.3 billion ($37.4 billion). Per the report, that’s a record high for the European market.

In the display market, mobile advertising accounted for 11.5% of total spend. Marketers spent nearly 130% more on mobile display in 2013 than in 2012.

Online video advertising saw significant growth as well. Marketers spent about 45% more on online video in 2013 compared to 2012, and totaled nearly €1.2 billion in spend ($1.6 billion). The report says this was the first time in Europe that the online video market crossed the €1 billion mark.

“These results confirm the increasing value contributed by digital advertising to Europe’s economy,” stated Townsend Freehan, CEO of IAB Europe. “Technology innovation is driving growth, and it’s important that we continue to foster our European digital businesses to enable a strong European presence on the world stage.”

The report breaks the market down into three groups: display, search and classifieds/directories. The report said the display ad market grew the fastest at 14.9%, totaling €9.2 billion.

Search advertising still held the largest share of the market at €13.4 billion. Spend on search grew 13% year-over-year. The classifieds/directories market accounted for €4.6 billion of spend, up 3.6% year-over-year.

The UK was the leading market in terms of spend at €7.4 billion, followed by Germany (€4.7 billion), France (€3.5 billion), Russia (€1.8 billion) and Italy (€1.7 billion).